Second Charge Loans

Second charge loans

What are second charge loans?

A second charge loan, secured loan, or second charge mortgage are different names for the same thing. A second charge mortgage allows you to borrow money while making sure that your current mortgage remains unaffected.

A second charge loan can be taken out for any number of reasons, and it will allow you to avoid the costs of getting your property re-mortgaged. So, whether you wish to extend your property; complete home improvements; consolidate unsecured debt or raise finance for business purposes. A second charge mortgage may be a perfect solution.

Before taking out a second charge loan, be sure to get advice from a qualified and independent mortgage advisor. The new loan is secured against your property, which means that in the event of failed payments, your home may be repossessed. Of course, banks and building societies will scrutinise your ability to afford a second charge loan, but it is worth considering whether it is the best option for your situation before you launch into applications.

Advantages of a second charge mortgage

Many people use second charge mortgages to raise money for large expenses such as home improvements, car purchases, weddings or debt consolidation. However, there are many other circumstances where a second charge mortgage is the best option for your situation.


If you are self-employed, it can often be difficult to access personal loans, especially if you are recently self-employed and do not have significant proof of income. In such cases, a second charge mortgage can allow you to borrow a specific amount for a comparatively small cost.

Good for the long term

Second charge mortgages can be paid off quickly without substantial early or overpayment fees, but they can also be paid off over the long term. A second charge loan allows you to borrow a small or large amount (depending upon your circumstances) over a long period of time. This will make monthly repayments more affordable, but care should be taken to consider the accumulated cost of interest over the longer term.

Best features of a second charge loan

A second charge loan can help you to raise the money needed for you to make large purchases without having to remortgage your property. It also offers complete flexibility to borrow only the amount of money required and to pay back the mortgage at any time through frequent overpayments or in full.

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